The upcoming merge upgrade transition on the Ethereum blockchain network seems to be gathering the attention of the cryptocurrency markets. The proof-of-work to proof-of-stake consensus protocol transition is slated to happen in September. However, the process for the transition would kick off in August, possibly from 11th to 16th, when the Goerli merge will take place.
ETH Founder Vitalik Buterin NFT Upgrade Proposal
Earlier, Ethereum creator Vitalik Buterin proposed his verified Twitter handle to upgrade non-fungible-tokens transaction networks. Vitalik’s proposal was aimed at making a strong wallets address for the ERC721 tokens.
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According to the crypto programmer, the proposal was a move to make sure transfers of tokens in the crypto ecosystem are secure and made confidential. Vitalik alleged that he researched the idea on the ETH research platform. The transaction upgrade will keep the transfer of ERC721 from sender to recipient safe and secure.
Vitalik tagged the upgrade as an approach to improve and build on the security operations on the ERC721 token transactions. The upgrade will allow token owners to transfer their assets to other people anonymously with the knowledge of any third party.
After announcing on the micro-blogging app Twitter, the proposition has generated mixed reactions from cryptocurrency communities. Although the anonymity upgrade will develop a secure and confidential NFT space, transparency is being trampled.
However, there are speculations that this could heighten the rate of cryptocurrency scams, fraud, and other illicit activities. This announcement has caused an uproar between crypto community members.
Crypto Community Kicks Against Anonymity Upgrade Proposal
Following Vitalik Buterin’s tweet announcement, most crypto communities have been scrutinizing the anonymity upgrade. Although the community appreciated that the upgrade would promote confidentiality, the upgrade may be more harmful to the cryptocurrency space and industry.
According to some comments from crypto enthusiasts, the upgrade may cause users to stay away from the ETH blockchain. The ETH blockchain network’s core value includes transparency and immutability, which must be upheld to avoid massive migration.
Once these features are trampled on, holders and investors may migrate to other networks in the cryptocurrency space. The anonymous transactions mode would also allow cyber-criminal to perpetuate their fraudulent and scam activities on the network. The tokens will be a potential means to easily launder money, tax evasion, rug pulls, and others.
Prior to the upcoming upgrade, Ethereum blockchain network founder Vitalik Buterin appeared in the cryptocurrency news spotlights. Vitalik is giving much publicity to Ethereum Classic, a hard fork of the Ethereum blockchain.
The Canadian programmer hyped the coin as an independent token and a good substitute for miners after the transition on the blockchain. Following his speech, Ethereum classic has received much exposure and waves in the cryptocurrency markets.
ETC market price, transactions, the number of addresses, and whale activity have been surging on the decentralized cryptocurrency. Vitalik Buterin’s upgrade proposal for ERC721 (non-fungible-tokens) on the Ethereum blockchain is being compared to the upcoming Litecoin MWEB upgrade. There are also concerns that many countries will not approve the upgrade.